The UAE is set to end 2024 with a record-breaking AED 3 trillion in non-oil foreign trade, according to recent figures. This milestone reflects the country’s effective trade strategies and ambitious economic policies aimed at achieving its “We the Emirates 2031” vision.

According to Al Khaleej, in the first half of 2024 alone, the UAE recorded AED 1.4 trillion in non-oil foreign trade, an 11.2% increase compared to the same period in 2023. Growth was even stronger when compared to earlier years, with increases of 28.8%, 54.7%, and 66% over the same periods in 2022, 2021, and 2019 respectively.

Non-oil exports were a standout, growing by 25% to AED 256.4 billion in the first six months of 2024. Goods like gold, jewelry, aluminum, and perfumes led the surge, with a combined growth of nearly 37%. Re-exports also saw steady growth, rising 2.7% from the same period in 2023, particularly with key partners like Saudi Arabia, India, and the United States.

Imports climbed to AED 800 billion, marking an 11.3% rise compared to last year. The UAE’s top 10 import markets accounted for nearly half of these imports, while the remaining markets grew even more significantly, at 15.4%.

The country’s Comprehensive Economic Partnership Agreements (CEPAs) continue to play a vital role in trade expansion. Trade with six CEPA countries, including India, Turkey, and Indonesia, reached AED 180 billion in the first half of 2024. India led as the UAE’s top partner among these nations, with bilateral trade totaling AED 103.4 billion.

Geographically, non-Arab Asian countries topped the UAE’s trade partners with AED 562 billion, followed by Europe with AED 204 billion and Gulf Cooperation Council countries with AED 162 billion.

The UAE’s advanced logistics infrastructure and strategic investments have further solidified its position as a global trade hub. As global trade is projected to hit $33 trillion in 2024, according to UNCTAD, the UAE’s role in driving growth is evident, underscoring its success in navigating challenges and fostering economic resilience.